{"id":742,"date":"2022-01-04T03:18:17","date_gmt":"2022-01-04T03:18:17","guid":{"rendered":"https:\/\/www.yopa.co.uk\/homeowners-hub\/?p=742"},"modified":"2022-01-04T14:35:03","modified_gmt":"2022-01-04T14:35:03","slug":"how-long-does-it-take-to-get-a-mortgage","status":"publish","type":"post","link":"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/how-long-does-it-take-to-get-a-mortgage\/","title":{"rendered":"How long does it take to get a mortgage?"},"content":{"rendered":"\n

On average, you can expect an 18-40 day process<\/strong> before you finally get your mortgage, but this can vary depending on a variety of factors – such as your credit rating, the property you\u2019re after, and (crucially) how prepared you are.
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Let\u2019s take a look then at the standard timeline of any mortgage application, what to expect at each stage of the process, and how long it\u2019s likely to take you…<\/p>\n\n\n\n

The Mortgage Application Process<\/strong>
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Firstly, let’s map out the various hoops which you need to jump through and the order these are laid out:
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1 – Finding a lender<\/strong><\/p>\n\n\n\n

Do your research up front, as the array of mortgage products on offer changes frequently and it\u2019s worth digging around for a good deal. Don\u2019t automatically go to your bank, as it may not be the best option despite being an easy one. You can use a broker to help, but it will usually cost you fees.
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2 – Agreement In Principle<\/strong><\/p>\n\n\n\n

The lender agrees to loan you a certain amount of money in principle<\/em>, based on your financial profile. It\u2019s not a guarantee, but gives you a pretty good indicator of your likelihood of securing the mortgage. This can take as little as an hour or less, and can be done online\/over the phone.
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3 – Full mortgage application<\/strong><\/p>\n\n\n\n

This part has the most potential to slow things down, as it forms the actual legal underwritten agreement between you and the lender. Financial regulations since the 2008 recession mean lenders are more stringent than they used to be, so expect a fine-tooth-combing of the details.
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4 – Mortgage valuation survey<\/strong><\/p>\n\n\n\n

Once you\u2019re done applying for the mortgage, the lender will want to conduct a mortgage valuation survey where they check whether the value of the property you want to buy equates with how much you\u2019re asking to borrow. This is usually carried out by someone who works for the lender.
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5 – Getting an offer<\/strong><\/p>\n\n\n\n

If your lender is happy with your application and financial situation, plus the outcome of the valuation survey, then you should be in prime position to get an offer and can put the bubbly on ice…
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\n Instant online valuation<\/span> <\/div>\n
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Get a rough estimate of your home's value now.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n

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\n Face-to-face valuation<\/span> <\/div>\n
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Book an appointment with your local Yopa agent.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n<\/div>\n\n\n\n\n

What to expect at each step of the way<\/strong><\/h3>\n\n\n\n

Agreement In Principle<\/strong><\/h4>\n\n\n\n

Once you\u2019ve compared the market to find your idea lender, securing an Agreement in Principle (AIP) should be your first port of call. Whilst it is not compulsory, and doesn\u2019t guarantee you a mortgage, it is very much advisable – especially as it can help speed up the rest of your application.
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An AIP basically means the bank agreeing to lend you a certain amount of money in principle<\/em> (it is what it says on the tin) – subject to your financial situation, personal documentation, and credit rating all checking out. In order to get an AIP, lenders will need to see the following information:
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